Shanghai copper trend volatility The impact of the market off-season persists

This week, the trend of London copper rushed higher and lowered
.
The average price of LME copper in the first four trading days was 9806 US dollars / ton, down 52.
25 US dollars / ton per day; Last week's average price was 9823.
5 US dollars / ton, down 0.
18%
from the previous month.

In the market, in the week of January 28, the high level of domestic spot copper prices fell
.
The average price of Yangtze River nonferrous metal net 1# copper was 70450 yuan / ton, down 192 yuan / ton per day; The average price of the previous week was 70,718 yuan / ton, down 268 yuan / ton compared with last week, down 0.
38%
from the previous week.

In terms of inventory, Shanghai copper stocks accumulated slightly this week, increasing by 5,257 tons to 40,359 tons, an increase of 13.
03%.

London copper stocks continued to decline this week, with a cumulative decrease of 8,425 metric tons to 91,350 metric tons, a cumulative decline of 8.
44%.

On the supply side, there are local disturbances, there are strikes in the Highland Valley of Tektronix Resources, and the epidemic disturbances at the northern ports have not been eliminated
.
The impact of the off-season in the domestic market continues to exist, and gradually enters a state of holiday, trading is cold, and copper prices are under pressure
.

On the macro front, there is a difference between internal and external, and the Fed accelerated the process of reducing its balance sheet, and the probability of a rate hike in March increased
significantly.
The country is warm, emphasizing that next year's work will be steady
.
And the recent significant deterioration of the situation in Russia and Ukraine, causing the market to worry about energy, if the energy crisis in Europe repeats, funds may seek to allocate industrial products to avoid inflation risks, there is support for copper prices, and the price fluctuates
around the high price of 70,000.